https://www.taxtmi.com/caselaws?id=467004 Where purchases were alleged to be accommodation entries but corresponding sales were accepted as genuine, the Tribunal applied the principle that only the profit element embedded in such purchases is taxable rather than treating entire purchases as bogus; the assessee's failure to produce confirming parties affected evidentiary weight but did not justify 100% enhancement. The Tribunal therefore directed the Assessing Officer to estimate the taxable profit element and restricted disallowance to an 8% profit estimate for computation of income, balancing the trader nature of the business and totality of facts. en-us Tue, 03 Aug 2021 00:00:00 +0530 Sun, 01 Mar 2026 10:28:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467004 Where purchases were alleged to be accommodation entries but corresponding sales were accepted as genuine, the Tribunal applied the principle that only the profit element embedded in such purchases is taxable rather than treating entire purchases as bogus; the assessee's failure to produce confirming parties affected evidentiary weight but did not justify 100% enhancement. The Tribunal therefore directed the Assessing Officer to estimate the taxable profit element and restricted disallowance to an 8% profit estimate for computation of income, balancing the trader nature of the business and totality of facts. Case-Laws Income Tax Tue, 03 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467004